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Beans as a Medium of Exchange

Author

Listed:
  • Harold Fried

    (Union College)

  • Daniel Levy

    (Bar-Ilan University)

Abstract

This note describes an experiment, which is an extension of the experiment proposed by Levy and Bergen (1993). The experiment is designed to simulate an environment where something that is very similar to fiat money (i.e., is homogenous, durable, portable, storable, divisible, has no intrinsic value of its own, etc.) will be accepted in market transactions and thus will have a “value.” This is accomplished through an implementation of a taxation mechanism in the spirit of legal restriction theory of monetary economics.

Suggested Citation

  • Harold Fried & Daniel Levy, 2005. "Beans as a Medium of Exchange," General Economics and Teaching 0505001, EconWPA.
  • Handle: RePEc:wpa:wuwpgt:0505001
    Note: Type of Document - pdf; pages: 5
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/get/papers/0505/0505001.pdf
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    Citations

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    Cited by:

    1. Levy, Daniel, 2007. "Price adjustment under the table: Evidence on efficiency-enhancing corruption," European Journal of Political Economy, Elsevier, vol. 23(2), pages 423-447, June.

    More about this item

    Keywords

    Roles of Money; Functions of Money; Barter; Exchange Economy; Medium of Exchange; Store of Value; Unit of Account; Experiment; Efficient and Inefficient Medium of Exchange; Types of Money; Fiat Money; Commodity Money; Features of Money; Homogeneity; Divisibility; Durability; Storability; Portability; Scarcity; Efficiency versus Equity; Information Cost;

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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